South Korea’s Ministry of Economy and Finance reported that consumer prices rose 2.9% year over year in September, easing from 3.1% in August. Inflation excluding food and energy slowed to 2.8% from 3.4%, while the living costs index moderated to 2.5% from 3.2%. The ministry estimated that the petroleum products price cap reduced headline inflation by 0.6 percentage point, with inflation otherwise reaching 3.5%. Agricultural, livestock and fisheries prices fell 0.3% as agricultural prices declined 4.0%, partly offsetting a 2.1% increase in processed food prices. Petroleum product inflation increased to 14.8% because of base effects, while personal services inflation remained at 3.5%. The government plans to strengthen supply and price management for agricultural, livestock and fisheries products, continue distribution reforms, stabilize petroleum prices through the price cap and fuel tax reductions, and provide support for vulnerable groups.
South Korea’s Ministry of Economy and Finance reports September inflation eased to 2.9%, fuel price cap reduced the rate by 0.6 percentage point
South Korea’s Ministry of Economy and Finance reported that September consumer inflation eased to 2.9%, while inflation excluding food and energy slowed to 2.8%. It estimated that the petroleum products price cap reduced headline inflation by 0.6 percentage point and plans further supply management, fuel price measures and support for vulnerable groups.